Cogeco Inc. and Cogeco Communications Reject Revised Bid From Altice and Rogers

By Josh Beckerman

Cogeco Inc. and Cogeco Communications Inc. rejected a revised takeover offer from Altice USA Inc. and Rogers Communications Inc., a proposal that Cogeco Inc. controlling shareholder Gestion Audem already rejected shortly after it was announced Sunday.

Louis Audet, president of the entity that controls the Audet family shares in Cogeco, said in September that "our refusal is not a negotiating position, it is definitive."

The new offer is valued at about $8.4 billion.

Cogeco Inc. and Cogeco Communications said Tuesday that, following deliberations of independent board members supported by independent legal counsel, taking into account the Audet family's stated position, the boards rejected the proposal and won't engage with Altice and Rogers.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

October 20, 2020 13:52 ET (17:52 GMT)

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